RBI steps in to check rupee gains: Traders

Tags: RBI, News
The Reserve Bank of India was spotted buying dollars via state-run banks starting around 58.99-59.00, three traders said, continuing its heavy intervention to curb strength in the rupee.

The rupee was at 59.0400/0500 per dollar by 9:49 a.m., off its session high of 58.98. The currency closed at 59.17/18 on Friday.

The rupee had opened stronger tracking gains in local share markets, which hit record highs for a second straight session on continued hopes of wide-ranging reforms by the new government.

EDITORIAL OF THE DAY

  • Protocols need to be quickly put in place for the success of Digital India

    The government has kicked off Digital India initiative in style. Companies too have queued up in large numbers with bagfuls of money.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Simon J Evenett

Will Germany be able to deliver?

The BRICS aren’t the only countries whose stature has grown ...

Rajgopal Nidamboor

Up the ante of your conscious existence

It sounds cryptic, but is not as complex as it ...

Gautam Gupta

The ‘fake’ issue needs to be taken seriously

E-commerce players are witnessing unbelievable growth globally. Competition is increasing ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture